The Italian fashion brand Prada has been active at the fragrance stakes for years now (Prada original, Prada Tendre, Prada Infusion d'Iris, Infusion d'Homme and all the other Prada Infusion editions, Luna Rossa, Prada L'Eau Ambree, Prada Candy and Candy flankers etc.) Now the diffusion line by Prada, Miu Miu, founded in 1993, is intent on launching their own eponymous fragrance line after the success of the mother company.
To accomplish that they have embarked in an exclusive collaboration with beauty giant Coty Inc., famous for their extensive fragrance portfolio and their technical and resources input in collaborating with various designers and celebrities bringing out their own fragrances. The Miu Miu collaboration will be conducted under the aegis of Coty Prestige, nevertheless, who overlook the upper echelon of their business.
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"The agreement with Coty, an internationally recognised reference in the luxury fragrance market, marks a major step forward in Miu Miu's development plan," said Patrizio Bertelli, CEO, Prada Group, according to Cosmetics Business. "I am therefore sure that, leveraging on Coty's know-how and Miu Miu's strong identity, this partnership will be a worldwide success of mutual satisfaction to both companies."
According to Bloomberg " The 20-year-old fashion and accessories label, named after Prada Chairman Miuccia Prada, had sales of 512.8 million euros ($706 million) in the year ended Jan. 31, or 16 percent of total company revenue. The deal with Coty would allow Prada to expand its second-largest unit in the $60 billion luxury beauty industry."
Michele Scannavini, CEO, Coty, added: "Miu Miu is one of the most refined and respected luxury houses in the world and one of the fastest growing global brands in the whole fashion industry. It is an exciting opportunity for Coty to build a worldwide fragrance business for Miu Miu and also to further build our own market share in the prestige fragrance market".
The Miu Miu fragrance line is expected to be introduced in 2015, the Milan-based company said yesterday in a statement.